In the fourth quarter of 2023, the price of liquefied natural gas in India reached 589 USD/MT by December. Similarly, in Germany, the liquefied natural gas prices hit 654 USD/MT during the same month in 2023.

Global liquefied natural gas prices have shown less volatility in 2024 and 2025 than the years prior, with the benchmark price reaching 14.72 U.S. dollars per million metric British thermal units in February 2025. This figure represents an increase from the same period a year earlier. The global LNG benchmark, which is largely influenced by Asian market trading, particularly Indonesian LNG in Japan, serves as a key indicator for the industry's pricing trends. Natural gas prices become less volatile The Asian LNG market experienced less turbulence in 2023 compared to the previous year, with price volatility dropping to 75 percent. This relative stability followed an exceptionally volatile 2022, when LNG demand surged due to sanctions on Russian imports. The global natural gas price index, which encompasses European, Japanese, and American markets, stood at 207.9 index points in November 2024, showing an increase of nearly 20 points that month. This upward trend in natural gas prices contrasts with the comparatively lower crude oil price indices and follows greater heating demand in the winter months. Landed prices vis-à-vis export prices Due to its geographical location, Japan is exclusively reliant on LNG trading for its natural gas supply. As such, Japan's landed LNG spot price is often higher than for other markets, reaching approximately 10.05 U.S. dollars per million British thermal units in January 2024. By comparison, the world's largest LNG exporter, the United States, has seen its LNG export prices decrease to 7.57 U.S. dollars per thousand cubic feet in 2023, down from 12.24 U.S. dollars the previous year.

Natural gas increased 0.21 USD/MMBtu or 5.84% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on March of 2025.

Japan and China have some of the highest spot prices for liquefied natural gas. In January 2024, customers in Japan and China paid approximately 10.05 U.S. dollars per million British thermal unit of LNG delivered. Destination markets in Europe and South America experienced slightly lower shipping costs. In the last few years, the global trade volume of LNG has increased notably, exceeding 500 billion cubic meters shipped.

LNG demand growth and largest destination markets

Increased gas demand and improved liquefaction technology has prompted growth in the gas market and the entry of new players. LNG prices were initially strongly influenced by crude oil, however, as the market grew it developed independent benchmarks. As one of the largest LNG importing countries, the price for LNG in Japan has become synonymous with the global benchmark.

In 2022, liquified natural gas (LNG) cost approximately 18.4 U.S. dollars per million British thermal units in Japan. The country imported the majority of its natural gas supply from overseas.

Natural gas production in Japan

Since Japan has limited natural resources, it heavily depends on imports for its primary energy supply. Only a small amount of the total supply of natural gas energy is produced domestically in areas such as Hokkaido, Chiba, or Niigata Prefecture. The natural gas produced in the around 60 oil and natural gas mines operating in Japan is mainly wet and dry natural gas. Minami-Kanto natural gas fields dissolved in water, which lies across Chiba Prefecture and surrounding prefectures, yields close to 20 percent of the total production of natural gas in the country. The saltwater in the field also includes a great amount of iodine. Japan is hence one of the leading countries regarding iodine production.

LNG imports

Apart from the two percent of in-house natural gas production, the rest of the natural gas supply in Japan originates from liquefied natural gas (LNG) imports from countries like Australia, the state of Qatar, Malaysia, and Indonesia.

Japan imported over 71 megatons of LNG in recent years, making the country the world’s largest importer of LNG. Natural gas and LNG accounted for over 23 percent of the total primary energy supply in Japan, indicating that natural gas and LNG are some of the most essential resources the country requires.

Liquefied Natural Gas (LNG): Market Main Price: Gas Station: Shandong: Jinan data was reported at 4.800 RMB/kg in 14 Mar 2025. This records a decrease from the previous number of 4.920 RMB/kg for 07 Mar 2025. Liquefied Natural Gas (LNG): Market Main Price: Gas Station: Shandong: Jinan data is updated daily, averaging 4.700 RMB/kg from Mar 2019 (Median) to 14 Mar 2025, with 316 observations. The data reached an all-time high of 9.500 RMB/kg in 25 Feb 2022 and a record low of 2.650 RMB/kg in 31 Jul 2020. Liquefied Natural Gas (LNG): Market Main Price: Gas Station: Shandong: Jinan data remains active status in CEIC and is reported by Shandong Longzhong Information Technology Co., Ltd.. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBP: Liquefied Natural Gas (LNG): Market Price: Gas Station.

CN: Liquefied Natural Gas (LNG): Producer Price: Domestic: Linfen Liquefied data was reported at 4,600.000 RMB/Ton in 25 Oct 2024. This records a decrease from the previous number of 4,725.000 RMB/Ton for 18 Oct 2024. CN: Liquefied Natural Gas (LNG): Producer Price: Domestic: Linfen Liquefied data is updated daily, averaging 3,931.430 RMB/Ton from Sep 2018 (Median) to 25 Oct 2024, with 211 observations. The data reached an all-time high of 7,600.000 RMB/Ton in 01 Apr 2022 and a record low of 2,550.000 RMB/Ton in 19 Jun 2020. CN: Liquefied Natural Gas (LNG): Producer Price: Domestic: Linfen Liquefied data remains active status in CEIC and is reported by Shandong Longzhong Information Technology Co., Ltd.. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBP: Liquefied Natural Gas (LNG): Producer Price.

CN: Liquefied Natural Gas (LNG): Producer Price: Domestic: Qiananyi Huida data was reported at 4,397.500 RMB/Ton in 14 Mar 2025. This records a decrease from the previous number of 4,548.000 RMB/Ton for 07 Mar 2025. CN: Liquefied Natural Gas (LNG): Producer Price: Domestic: Qiananyi Huida data is updated daily, averaging 4,180.000 RMB/Ton from May 2016 (Median) to 14 Mar 2025, with 446 observations. The data reached an all-time high of 8,710.000 RMB/Ton in 25 Feb 2022 and a record low of 2,146.000 RMB/Ton in 19 Jun 2020. CN: Liquefied Natural Gas (LNG): Producer Price: Domestic: Qiananyi Huida data remains active status in CEIC and is reported by Shandong Longzhong Information Technology Co., Ltd.. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBP: Liquefied Natural Gas (LNG): Producer Price.

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Liquefied Natural Gas Market Size 2025-2029

The liquefied natural gas (LNG) market size is forecast to increase by USD 27.79 billion, at a CAGR of 8% between 2024 and 2029.

The market is experiencing significant growth, driven by key factors such as the increase in LNG production and the surging demand for LNG bunkering. The production of LNG has been on the rise due to the abundance of natural gas resources and the advancement in liquefaction technologies. Additionally, the demand for LNG bunkering is increasing due to the growing popularity of LNG as a cleaner alternative to traditional fuel sources in the maritime industry. Another significant factor influencing the LNG market is the fluctuations in global oil and gas prices, which can impact the profitability of LNG producers and consumers. Overall, these trends are shaping the future of the LNG market and are expected to drive its growth In the coming years.

What will be the Size of the Liquefied Natural Gas (LNG) Market During the Forecast Period?

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The market represents a significant segment of the global energy landscape, with growing demand driven by its versatility as a clean, odorless, and colorless liquid fuel for various applications. LNG is increasingly utilized in power generation, particularly in electric power and distributed power projects, as an alternative to traditional fossil fuels like coal and oil. The LNG market's size is substantial, with increasing import capacities at LNG terminals enabling countries to diversify their energy mix and enhance energy security. The liquefaction process cools natural gas to -162 degrees Celsius, making it possible for transportation via specialized tankers, opening up new supply sources for countries previously reliant on pipelines.
LNG's role in reducing carbon emissions and air pollution makes it an attractive option for utility projects, as it emits less CO2 than coal and oil during combustion. Despite its environmental advantages, LNG's role In the energy mix is subject to ongoing debate due to its association with natural gas extraction and its potential impact on energy security. The regasification process converts LNG back into its gaseous state for distribution to end-users, contributing to the overall natural gas infrastructure. LNG's competition comes from other clean energy sources, such as renewable energy, as well as traditional fossil fuels like petrol, diesel, and coal.

How is this Liquefied Natural Gas (LNG) Industry segmented and which is the largest segment?

The liquefied natural gas (LNG) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Power
  Industry
  Others


Application

  Off-grid power plants
  Transportation
  Industrial and manufacturing
  Marine fuel
  Others


Geography

  North America

    Canada
    US


  Middle East and Africa



  Europe

    Norway


  APAC

    China
    Japan


  South America

By End-user Insights

The power segment is estimated to witness significant growth during the forecast period.

Natural gas, specifically liquefied natural gas (LNG), is a crucial component In the transition towards cleaner energy sources for power generation. With a lower carbon content compared to coal, LNG provides flexibility in capacity to meet varying electricity demand. The power sector is currently dominated by coal, particularly in developing and underdeveloped countries. However, increasing concerns over air quality are driving a shift towards natural gas as a cleaner alternative. Furthermore, during periods of peak electricity demand, excessive coal usage can lead to plant aging and reduced lifespan.

As the energy mix evolves towards sustainable sources, LNG serves as a bridging fuel, complementing renewables and reducing greenhouse gas emissions. LNG is also used as a transportation fuel, particularly in heavy-duty vehicles and marine vessels, contributing to emissions reduction In the transportation sector. The liquefaction and regasification processes enable LNG to be transported via pipelines, ships, and receiving terminals, expanding its reach and increasing energy security by diversifying supply sources.

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The power segment was valued at USD 17.90 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 43% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Have timely access to reliable Natural Gas price assessments in Indonesia:

• Natural Gas (liquified), export spot price, fob, Indonesia

Each assessment includes Natural Gas price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

Natural Gas price assessments for Indonesia and up to 32 other countries are part of Intratec Energy Price References. Subscribe and access now current prices of key energy commodities worldwide.

Graph and download economic data for U.S. Natural Gas Liquid Composite Price (MNGLCP) from Jan 2009 to Dec 2024 about natural resources, composite, gas, price, and USA.

In November 2024, the monthly average LNG export price stood at 6.7 U.S. dollars per 1,000 cubic feet. This was a decrease compared to the previous month and lower than prices a year prior. In June 2022, a fire at the Freeport LNG export terminal impacted export capacities, pushing up prices in the months following. Natural gas prices and those for LNG specifically increased in the spring of 2022 following the Russia-Ukraine war as many European countries looked for suppliers outside Russia. The annual LNG export price from the United States stood at 7.57 U.S. dollars per 1,000 cubic feet in 2023.

The price per 1,000 kilograms of liquefied natural gas in Italy peaked in March 2025. After decreasing steadily until May 2024, it started increasing and reached an average of 1490 euros per 1,000 kilograms in the week ending March 17, 2025.

TTF Gas decreased 8.92 EUR/MWh or 17.69% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. EU Natural Gas TTF - values, historical data, forecasts and news - updated on March of 2025.

China Liquefied Natural Gas (LNG): Producer Price: Domestic: Tianneng Jiaohua data was reported at 4,435.000 RMB/Ton in 14 Mar 2025. This records a decrease from the previous number of 4,760.000 RMB/Ton for 07 Mar 2025. China Liquefied Natural Gas (LNG): Producer Price: Domestic: Tianneng Jiaohua data is updated daily, averaging 4,320.000 RMB/Ton from May 2018 (Median) to 14 Mar 2025, with 317 observations. The data reached an all-time high of 8,740.000 RMB/Ton in 05 Nov 2021 and a record low of 2,800.000 RMB/Ton in 16 Oct 2020. China Liquefied Natural Gas (LNG): Producer Price: Domestic: Tianneng Jiaohua data remains active status in CEIC and is reported by Shandong Longzhong Information Technology Co., Ltd.. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBP: Liquefied Natural Gas (LNG): Producer Price.

The global natural gas price index stood at 232.28 index points in February 2025. Natural gas prices increased by seven index points that month. The global price index takes into account indices from Europe, Japan, and the United States – some of the largest natural gas trading markets. The U.S. is the leading natural gas exporter in the world. Means of trading natural gas Liquefied natural gas (LNG) is the most common form of trading natural gas. Although piped gas is often the preferred choice for transportation between neighboring producing and consuming countries, seaborne trade as LNG has grown in market volume. This is in part thanks to high consumption in pipeline-inaccessible areas such Japan, Korea, and China, as well as the recent increase in LNG trade by European countries. Major natural gas price benchmarks The natural gas prices often used as global benchmarks are Europe’s Dutch TTF traded on the Intercontinental Exchange, Indonesian LNG in Japan, and the U.S. Henry Hub traded on the New York Mercantile Exchange. 2022 was an especially volatile year for natural gas prices, as supply was severely constrained following sanctions on Russian imports. Other reasons for recent spikes in gas prices are related to issues at refineries, changes in demand, and problems along seaborne supply routes.

Have timely access to reliable Natural Gas price assessments in Chile:

• Natural Gas (liquified), import transaction price, cif, Chile

Each assessment includes Natural Gas price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

Natural Gas price assessments for Chile and up to 32 other countries are part of Intratec Energy Price References. Subscribe and access now current prices of key energy commodities worldwide.

In the second quarter of 2022, the price of Liquefied Natural Gas (LNG) in Algeria stood at 347.6 U.S. dollars per cubic meter. This represented a peak in the period under review. Compared to 2017, the export price of LNG from Algeria increased significantly.

Liquefied Natural Gas (LNG): Market Main Price: Gas Station: Tianjin data was reported at 4.700 RMB/kg in 14 Mar 2025. This stayed constant from the previous number of 4.700 RMB/kg for 07 Mar 2025. Liquefied Natural Gas (LNG): Market Main Price: Gas Station: Tianjin data is updated daily, averaging 4.700 RMB/kg from Mar 2019 (Median) to 14 Mar 2025, with 314 observations. The data reached an all-time high of 8.840 RMB/kg in 25 Feb 2022 and a record low of 3.020 RMB/kg in 03 Jul 2020. Liquefied Natural Gas (LNG): Market Main Price: Gas Station: Tianjin data remains active status in CEIC and is reported by Shandong Longzhong Information Technology Co., Ltd.. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBP: Liquefied Natural Gas (LNG): Market Price: Gas Station.

On March 7, 2025, the EU LNG benchmark stood at 0.89 euros per megawatt hour. The widest gap to the Dutch TTF prices was reported in October 2023 and January 2025. The European Union launched a daily LNG benchmark on March 31, 2023 to increase transparency regarding fuel prices. It is set relative to the Dutch TTF gas hub price.